tactic used in marketing management to expand the consumer market for a company’s product. Growth strategies may follow any one of several courses: Market penetration, where the company will attempt to create more sales to existing customers without changing the product. This will be done by cutting prices or increasing advertising at the risk of short-term profits for greater market penetration. Market development, where the company will identify and develop new markets for the current product. Product development, where the company will offer a modified product or a new product to existing current markets. Diversification, where the company will develop or purchase products that are entirely different from the current product or market.
Dictionary of Marketing Terms for: growth strategy